Credit rating agency Standard and Poor's has reconfirmed its AA long-term and A-1+ short-term credit rating with a stable outlook for Waimakariri District Council.
The AA rating maintains an exceptionally high credit rating which endorses the position the council holds with its investors, stakeholders, and community. It also provides an ongoing ability to fund significant work programmes.
Mayor Dan Gordon says the Council has maintained its high rating throughout the economic volatility of the past years – which is no easy feat.
“Waimakariri District Council has some of the most consistent financial performance in local government. Standard and Poor’s noted our strong fiscal management, wealth economy and financial metrics as evidence of our prudent financial management.
“The effect of this rating is that it assists the Council greatly when we borrow and means the Council is in an advantageous position to cater for the needs of our growing community while getting the best borrowing rates possible for our ratepayers.”
Chief Executive Jeff Millward says the ongoing high rating is recognition of the excellent work our Council and teams are doing.
“On top of the Standard and Poor’s review, the Council has several self-imposed safeguards to ensure prudent management of debt, which ensure we managed our finances wisely.
“Our internal policies place limits that are more stringent than what the Local Government Funding Agency allows and ensures our Council has enough room in our borrowing limits to ensure we’re prepared for the unexpected.”
This is the fourth year the Council has maintained the AA long-term and A-1+ short-term credit rating with a stable outlook